Mallya too makes way into Panama papers

Vijay Mallya, the business tycoon who has allegedly committed fraud by defaulting a whopping Rs 9000 crore to banks, has some off-shore companies, it has come to light during the investigation by ICIJ which has searched several documents worldwide and unravelled the details of prominent people. Mr Mallya has a company called Venture New Holdings in British Virgin Islands. It has been running since February 15, 2006 and the accounts are being managed from Mallya’s residence from Bengaluru. But it has no dealing whatsoever with other companies of Mallya, it is said.

The Supreme Court has directed him to pay up or appear before ED by April 20.